Finance with Teg

Your RRSP balance is a gross number, not a spending number.

Say you need $50,000 a year to live.
From a TFSA, that’s $50,000. Withdraw it, it’s yours.
From an RRSP, you need about $62,500 to land at that same $50,000 (roughly $12,500 goes to tax).
👉🏼Same lifestyle, more money required to fund it.

The refund is where it goes sideways. It isn’t a bonus, it’s tax you haven’t paid yet. Spend it, and you’ve spent money you still owe. Invest it, and it’s working for you when the bill comes due.

Use your RRSP with purpose:
✨ Invest the refund instead of spending it
✨ Build tax-free money alongside it (TFSA)
✨ Plan withdrawals before retirement, not during

The question isn't how much is in your RRSP.
It's how much of it is actually yours.🤔

*Illustration using Manitoba rates, no other income assumed.

Do you have enough life insurance?

Many people think because they have coverage through work that they're good to go, but that's usually not the case.

Most employers will automatically give you 1-2x your annual income but most peoples mortgages alone are well beyond that.

When determining how much life insurance you need, you should think about:

💳 Debt, Vehicle Loans, etc.
🏡 Mortgage / Rent
💵 Monthly Income Need
📚 Kids Future & Education
⚱️ Funeral & Final Expenses / Taxes

If you're looking for a second opinion on your insurances, book a free discovery call with the link in my bio.💛

Do you have enough life insurance?

Many people think because they have coverage through work that they're good to go, but that's usually not the case.

Most employers will automatically give you 1-2x your annual income but most peoples mortgages alone are well beyond that.

When determining how much life insurance you need, you should think about:

💳 Debt, Vehicle Loans, etc.
🏡 Mortgage / Rent
👩🏽‍💻 Monthly Income Need
📚 Kids Future & Education
⚱️ Funeral & Final Expenses / Taxes

If you're looking for a second opinion on your insurances, book a free discovery call with the link in my bio.💛

Your family may only inherit half of what you actually saved.😳

Here’s what most people don’t know: when you pass away, the full value of your RRSP is treated as income on your final tax return. On a large balance, that can mean losing up to half to tax before a dollar reaches your kids.

The exception? If it rolls to a spouse or common-law partner, the tax is deferred. But after that, or if you’re single, the CRA is first in line.

The good news: this is one of the most plannable problems in your financial life. Strategies exist to shrink that tax bill significantly, but they only work if you set them up in advance.

If you want to know what this looks like for your situation, book your free discovery call with the link in my bio.💛

Income coming from a TFSA vs. RRSP will look VERY different in retirement.

Why?
👉🏼 TFSA = Tax Free Withdrawals
👉🏼 RRSP = Taxable Withdrawals

So if someone says you need "x amount" saved to retire, make sure you ask if thats taking taxes into consideration.

✨Don't forget to account for inflation as well. $1,000,000 today will be worth a lot less 30 years from now.

Not sure how to plan for retirement?
You can book your free discovery call with the link in my bio.🫶🏼

What happens after you drain your emergency fund?🫣

If you have an RRSP and you’re saving for your first home 👉🏼 this one’s for you!

You can transfer those funds directly into your FHSA, completely tax free, AND pull it out tax free for a home purchase.

Most people have no idea this is even an option.
They think their RRSP funds are stuck.👎🏼

Save this and send it to a friend who needs to hear it. 🏡💛

We were raised to believe that talking about money was rude.

Don't ask what people earn. Don't talk about what things cost. Keep it private. Keep it quiet.

And then we wonder why women struggle to negotiate, struggle to invest, struggle to feel confident about their own finances.

It wasn't an accident. We were just never given permission to talk about it.

So consider this your permission.💛

Ask the questions. Learn the things. Talk about money openly and without shame.

And if you want someone in your corner who will actually explain it all simply, you know where to find me. 🌿

The conversation nobody is having.👇🏼

Most Canadians use their RRSP without ever questioning it.

But should you?🤔

Watch till the end!💸

Spending your tax return on yourself first isn’t actually self care...and I say that with love.💕

Real self care looks like knocking out that high-interest debt, padding your emergency fund, and making sure you’re on track for your goals (retirement, house, etc.).

After that? Treat yourself with zero guilt. You genuinely earned it!

Not sure what to do with yours?✨
Drop RETURN in my DMs and let’s figure it out together.